BNY ConvergEx Group, a provider of agency brokerage and investment technology solutions, has announced that member company Eze Castle Software (ECS) achieved record results in 2006. In 2006, ECS signed 58 new order management system (OMS) clients and 22 new compliance clients and completed over 90 product implementations. It increased revenue by nearly 35%, continued to expand functionality across its product suite, and completed the transformational deal to form BNY ConvergEx Group. Today, ECS products are used by nearly 300 buy-side firms world-wide with 90% trading through the ECS OMS.
Fixnetix, a provider of European low latency market data, and the London Stock Exchange yesterday announced a distribution deal under which the exchange’s Infolect data will be delivered to customers outside its existing network via Fixnetix’ iX-Direct low-latency data service.
Foreign exchange continues to grow and adoption of electronic trading has been vigorous, according to Celent report
In a new report by Boston-based financial research and consulting firm Celent, it is estimated that the FX market could grow from close to US$3 trillion to US$4 trillion of daily turnover by 2009–2010, with 75% of the interdealer spot market volume and 50% of the dealer-to-client volume traded electronically.
Charles River Development, a provider of front- and middle-office systems to the global investment management community, yesterday announced that BlueBay Asset Management is now trading derivatives via the Charles River Investment Management System (IMS) and has been using the system since 2005 for its fund management business totaling in excess of US$9 billion in assets under management.
Growth prospects recover as investors reassess view of economic cycle, Merrill Lynch survey of fund managers finds
Investors have changed their minds about where they are in the global economic cycle, with a growing number now saying the economy is back in a mid-cycle phase, according to Merrill Lynch’s survey of fund managers for February.
European exchange operator and transaction services provider, Deutsche Börse, yesterday signed a definitive agreement with the Bombay Stock Exchange (BSE) to invest in a 5 percent stake for Rs 189 crore at a price of Rs 5,200 per share (USD 42.7 million), and also to explore ways of strengthening their collective competencies across a broad spectrum of business areas. The transaction puts the value of BSE of Rs 3,777 crore (USD 854 million).
In a new report based on the first week of trading on the U.S. equity options market penny quoting pilot (which commenced on January 26th), trading platform provider Tethys Technology predicts that algorithmic execution in options markets will grow.
Instinet, the former Reuters-owned agency broker acquired recently by Japanese securities house Nomura, has promoted John F. Fay and Alex Goor to co-CEO. Fay and Goor, previously co-presidents of the firm, succeed Edward J. Nicoll, who remains as chairman.
UK small cap trading platform PLUS Markets Group says Paul Haddock will join the company in May 2007 as Head of Company Services, responsible for developing and working with the company's issuer and advisory customer base. His role will also include expanding the company's regulated market offering following attainment of Recognised Investment Exchange (RIE) status.
The multi-asset class algorithmic execution management systems vendor FlexTrade says that its clients now have direct access to the NYSE Arca Options market through FlexOPT, its algorithmic options trading application.